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For many large shopping malls, these closures <br />anchor tenants have left significant vacancies. <br />recently estimated that almost 310 of the nation's <br />an anchor tenant. A reality, which will force <br />composition of their tenant spaces. <br />MainPlace Mall <br />Net Fiscal Impact and Economic Analysis <br />December2018 <br />Page 15 of 33 <br />have been especially impactful as traditional <br />The commercial real estate firm CoStar has <br />1,300 shopping malls are at high risk of losing <br />shopping malls to reconsider the traditional <br />Today's economic forces demand approaches to land use that explore diversification in uses <br />and densities, and concepts for public amenities and private attractions that help cities capture <br />trips and thus "sales" sufficient to retain vibrant commercial districts. Younger consumers, with <br />their increased use of media and digital communication, seek gathering places with restaurants <br />and entertainment venues, rather than collections of retail stores. <br />To this end, retail landlords are increasingly adding office, hotel, residential, entertainment and <br />open space to their shopping centers to draw in more customers throughout the day and <br />evening hours (i.e., creating villages). Retail shop space is being converted towards dining and <br />entertainment markets, with some food stores becoming anchors. Subsequently, these blended <br />use projects are attracting significant demand from employers seeking to attract younger <br />working professionals, who no longer want to be located in a suburban office park or high-rise <br />tower. <br />3.3 Mall Redevelopment Case Study Examples <br />Reflecting national retail trends, many developers across the country are repositioning <br />traditional shopping malls into new "Villages" and mixed -use developments. Below are three <br />cases of such developments in Southern California. Each demonstrates the ways in which <br />traditional shopping malls are seeking to reposition into new blended use developments. <br />Baldwin Hills Crenshaw Plaza <br />The first post-war retail complex in the state of California, the Baldwin Hilts Crenshaw Plaza has <br />served as a key commercial center in south central Los Angeles since its opening in 1947. <br />Since opening the mall has undergone a number of renovations and additions, the most recent <br />of which was completed in 2010 after the purchase by Capri Capital Partners. However, the <br />mall suffered major setback when the Walmart store was forced to close In January 2016. <br />Following unsuccessful attempts to find a replacement anchor, Capri filed plans with City of Los <br />Angeles for a major mixed -use development expansion. On June 27th, 2016, the Los Angeles <br />City Council approved the development agreement with Capri to add 2 million square feet of <br />office hotel and residential uses, while redeveloping significant retail portions of the existing <br />footprint to become a mixed -use entertainment center. <br />kos,4The analyses, projections, assumptions, and any examples presented herein are. for <br />111,,Illustrative purposes and are not a guarantee of actual and/or future results. Tax analyses <br />am projections only. Actual results may differ from those expressed in this analysis. <br />75D-550 <br />